Zacks Investment Research Upgrades Teekay Offshore Partners (TOO) to Buy

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Teekay Offshore Partners (NYSE:TOO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $2.25 price target on the shipping company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 16.95% from the stock’s current price.

According to Zacks, “TEEKAY OFFSHORE PARTNERS L.P. is a publicly-traded master limited partnership formed by Teekay and is an international provider of marine transportation and storage services to the offshore oil industry. Teekay Offshore currently owns a twenty six percent interest in and controls OPCO with a fleet of thirty four shuttle tankers (nine of which are chartered-in), four floating storage and offtake units and nine conventional crude oil Aframax tankers. The Partnership also has direct ownership interests in two shuttle tankers and one FSO. “

Separately, ValuEngine downgraded shares of Teekay Offshore Partners from a “buy” rating to a “hold” rating in a report on Wednesday, October 3rd.

Shares of NYSE TOO opened at $1.92 on Wednesday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 2.57. The stock has a market cap of $795.49 million, a PE ratio of 192.39 and a beta of 2.38. Teekay Offshore Partners has a 52-week low of $1.92 and a 52-week high of $3.12.

Several large investors have recently modified their holdings of TOO. TCW Group Inc. bought a new position in shares of Teekay Offshore Partners in the 3rd quarter worth approximately $2,791,000. Luminus Management LLC lifted its stake in shares of Teekay Offshore Partners by 4.2% in the 2nd quarter. Luminus Management LLC now owns 9,938,496 shares of the shipping company’s stock worth $26,237,000 after purchasing an additional 400,000 shares during the period. Boston Partners lifted its stake in shares of Teekay Offshore Partners by 29.8% in the 2nd quarter. Boston Partners now owns 1,119,295 shares of the shipping company’s stock worth $2,955,000 after purchasing an additional 256,927 shares during the period. RR Advisors LLC lifted its stake in shares of Teekay Offshore Partners by 30.3% in the 3rd quarter. RR Advisors LLC now owns 1,075,000 shares of the shipping company’s stock worth $2,516,000 after purchasing an additional 250,000 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Teekay Offshore Partners by 44.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 647,608 shares of the shipping company’s stock worth $1,515,000 after purchasing an additional 200,315 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Teekay Offshore Partners Company Profile

Teekay Offshore Partners L.P. provides marine transportation, oil production, storage, long-distance towing and offshore installation, and maintenance and safety services for the oil industry. It operates in six segments: Floating Production, Storage and Offloading (FPSO); Shuttle Tanker; Floating Storage and Off-Take (FSO); Unit for Maintenance and Safety (UMS); Towage; and Conventional Tanker.

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